Sector note
02
June
Aviation – Note – [NONRATED] – Sweet spot
Vietnam's air travel sector saw a 6%YoY increase in both passengers and traffic in 1Q25, driven by a strong rebound in domestic travel and continued international growth, especially from China....
16
May
Retail – Note – [NONRATED] – Better or worsen depends on macro conditions
In 1Q25, consumer demand showed signs of recovery supported by strong macroeconomic growth, benefiting ICT-CE retailers like MWG and FRT; however, outlook for the rest of 2025 remains cautious amid...
09
May
Securities – Note – [NONRATED] – Waiting for “Upgrading” theme
In 1Q25, aggregated NPAT was flat yoy at VND6.2tn (-1.9% yoy, +20.9% qoq). Margin loan balance hit the new record to VND267tn (+37.42 yoy). The margin lending rate in domestic-owned...
15
April
Sector Note – 1Q25F forecast: Recovery but slowdown
Projected growth of NPAT for 44 firms in KISVN's coverage portfolio is 9.8% yoy, reflecting a decline from 54.3% yoy in 4Q24 and 21.7% yoy in 3Q24. • Four sub-industries...
15
February
Quant Note – 4Q24 wrap-up: better but will be slow down
NPAT-MI growth continues to record a very high earnings growth number, with 29.2% yoy. Even though the financial group, especially real estate, made the number go up a lot, we...
02
December
Housing property-Note-[NONRATED]-Pave the path to unknot
On the afternoon of November 30, 2024, the 8th session of the 15th National Assembly was held with urgency to conclude. The main topic discussed and approved was the draft...
15
November
Quant Note – 3Q24 wrap-up: On right track
NPAT-MI growth reached up to 27.9% yoy in 3Q24, and the positive growth chain continued expanding. Even though NPAT-MI growth in 3Q24 was higher than 2Q24's 15.6% yoy, it is...
30
September
Securities – Note- [NONRATED] – Circular 68 on non-prefunding
The main amendments of Circular 68 are largely centered on 1) allowing foreign institutional investors (FII) could be short of funds when placing a buying share order 2) the securities...
16
August
Quant Note – 2Q24 wrap-up: Somethings better
2Q24 is the third consecutive quarter that NPAT-MI has extended the chain of positive growth. Some positive signals of a recovery trend were shown in the general number of companies’...
Featured Analysis
Market commentary: Positive start to the week
USDVND surges ahead of tariff outcomes
Fund flow: The wave of capital outflows persists
Covered warrant: Liquidity rebounded
PNJ – Brief – [Non-rated] – The fog remains
Derivatives: Downtrend slowing
Market commentary: Accumulation phase?
